$3.16 Billion Inflow Observed for BlackRock ETFs

Over the course of eight trading days, a total inflow of $3.16 billion (approximately 4.36 trillion KRW) has been observed in BlackRock's Bitcoin (BTC) and Ethereum (ETH) ETF-related wallets and products. This trend is interpreted as a recovery in institutional demand, coinciding with a renewed influx of funds into the U.S. spot ETF market during the same period.

On-chain analytics firm Lookonchain reported that as of the 27th, there has been a continuous inflow of Bitcoin and Ethereum into BlackRock ETF-related wallets and products for eight consecutive trading days, amounting to 27,722 BTC and 385,633 ETH. In dollar terms, this translates to $2.2 billion for Bitcoin (approximately 3.36 trillion KRW) and $961 million for Ethereum (approximately 1.32 trillion KRW), totaling $3.16 billion.

However, the reported Bitcoin quantities vary by source. While Finbold reported the same eight-day trend and noted a total amount of $3.16 billion, it presented the Bitcoin quantity as 22,722 BTC. CryptoBriefing reported the same figures as Lookonchain: 27,722 BTC and 385,633 ETH.

Although the total amounts are generally consistent, the discrepancies in Bitcoin quantities suggest that this trend is more accurately viewed as a capital absorption through BlackRock ETF-related wallets and products rather than a single purchase quantity. During the ETF management process, subscription and settlement, as well as custodial wallet movements, can occur simultaneously, making it difficult to definitively conclude that on-chain movements directly indicate purchases by the management firm.

BlackRock's official product materials also confirm the net asset sizes of each ETF as of the respective valuation dates. The iShares Bitcoin Trust ETF (IBIT) had net assets of $62.014 billion (approximately 85.58 trillion KRW) as of the 27th. The iShares Ethereum Trust ETF (ETHA) had net assets of $8.013 billion (approximately 11.58 trillion KRW) as of the 24th, while the iShares Staked Ethereum Trust ETF (ETHB) recorded $851 million (approximately 1.17 trillion KRW) as of the 27th.

Spot ETFs are designed to expose investors to the price of underlying assets without requiring them to hold the coins directly in their accounts. The fund's net assets represent the total asset size as of a specific valuation date, while net inflows reflect the flow of funds that have come in minus those that have exited over a certain period. On-chain wallet movements can include asset movements related to custodial and settlement processes, so mixing these three metrics under the same meaning can lead to discrepancies in figures.

The overall trend of U.S. spot ETFs also showed similar patterns. CoinDesk reported that, based on SoSoValue data, U.S. spot Bitcoin ETFs recorded net inflows for eight consecutive trading days, attracting approximately $2.8 billion (about 3.86 trillion KRW), while Ethereum ETFs surpassed $1 billion (approximately 1.38 trillion KRW) during the same period.

This figure differs from BlackRock's on-chain tracking metrics, as it pertains to the overall net inflows of U.S.-listed Bitcoin ETFs, inflows of specific management firm products, and on-chain movements of custodial wallets, each providing different perspectives on the market. This is why the numbers can vary even over the same eight trading days.

Arkham previously reported that as of the 25th, IBIT absorbed over $1.5 billion (approximately 2.07 trillion KRW) with six consecutive days of inflows, holding 766,000 BTC, with a valuation of $60.55 billion (approximately 83.56 trillion KRW). Arkham provided records of repeated Bitcoin movements from the Coinbase Prime wallet to the IBIT custodial wallet.

Such movements are also linked to previous cases where the supply and demand flow of U.S. spot Bitcoin ETFs and on-chain asset movements were highlighted. At that time, the term "BlackRock-related ETF wallet" was based on on-chain labeling, and it was pointed out that it is not possible to distinguish whether the funds are direct purchases by the headquarters or related to ETF setup and redemption settlements based solely on public data.

Internally, there are views within BlackRock that do not see Bitcoin merely as a risky asset. Robbie Mitchnick, BlackRock's head of digital assets, stated in an interview with CNBC that "the risk-off narrative has come back to the forefront in recent weeks," according to The Block. He believes that concerns over debt, fiscal deficits, and currency devaluation could lead to increased interest in assets like Bitcoin and gold.

However, there are opposing indicators as well. CoinDesk noted that while inflows were strong in August, the cumulative flow of Bitcoin ETFs remains in a net outflow state as of 2026. This suggests that the recent inflows over the past eight trading days have not reversed the overall flow for the year.

For domestic investors, this trend can be interpreted as an indicator of cryptocurrency supply and demand through overseas-listed spot ETFs. In South Korea, the prices of spot coins, overseas ETF net inflows, and on-chain custodial wallet movements are often reported together, but the criteria used for investment decisions differ. In particular, ETF net inflows reflect the capital flow of securities market products, while on-chain movements represent the transfer records between addresses on the blockchain, which must be distinguished.

The inflow of funds related to BlackRock ETFs is interpreted as a sign that institutional investors are utilizing spot ETFs as a channel to access Bitcoin and Ethereum. However, the $3.16 billion figure represents an observational estimate that combines the flows of BlackRock-related wallets and products, and the Bitcoin quantities differ between sources at 22,722 BTC and 27,722 BTC. The market impact will be confirmed later through ETF net inflows and changes in fund net assets.

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